Property administration
One of the ancillary services that we provide is property administration.
We offer this service to our clients when they have properties rented out in Panama City, and want someone to keep an eye on the property and the tenant. Gray & Co. is not, however, a realtor or real estate agent; we will coordinate with a realtor to get your property on the market and sold/rented according to your instructions.
To this end, our services in property administration include:
- coordinate with realtors to show the property and get it rented (when vacant)
- preparation and signing of the rental contract
- handling tenant complaints and suggestions regarding property maintenance
- coordinating routine maintenance issues with the appropriate handyman
- coordinating repairs with technicians
- organising home improvements according to your instructions
- requesting building maintenance repairs to the building administrator
- escalating building maintenance issues to board of directors of the building, if not dealt with by the administrator
- handling renewal or termination of rental agreements
Over the years, we have established good working relationships with handymen, carpenters, painters and other home improvement workers. They provide reasonable quotes for the work required and generally show up when promised. Before starting on anything, we typically will take photos to send to you, ask your approval, and then proceed according to your instructions. You will be asked to authorise quotes and in some cases to choose between offers or options. We provide photos after the work has been completed.
Receipt of income from rental
With respect to rental income, we recommend to clients that they set up a Panamanian bank account in which to receive these funds. The tenant can then deposit into this account each month or deliver payment to us and we would get it deposited into the account. Ideally, the client will have online access to the account, so that they can view each month and confirm that their funds have been received. From this account, they will also need to pay, each month, the building maintenance fees. It is our preference that we not receive into our account each month the rental income, but short-term exceptions can be made while the client is setting up their account.
Another service that we can assist the client with is coordinating the paperwork, each tax season, with their local accountant. The accountant is responsible for preparation of the income tax return for the rental income. This includes ensuring that the accountant receives the documentation regarding:
- insurance policies & payments
- monthly maintenance fees
- invoices for repairs and maintenance
- invoices from realtors or other service providers
- monthly income received from the rental + copy of the contract
If you would like more information regarding our property administration services, please do not hesitate to contact our office and speak with Laura.